Bankruptcy court: Country club assets as much as $4.8 million

The 110-acre Las Cruces Country Club property, 2700 N. Main St.,as it appeared Wednesday. It was long considered the largest "green" space in the city. Tuesday, Las Cruces Country Club Inc, filed Chapter 7 Bankruptcy in U.S. Bankruptcy Court, in Albuquerque..(Photo: Josh Bachman/Sun-News)Buy Photo

LAS CRUCES — U.S. Bankruptcy Court documents show the Las Cruces Country Club is owed as much as $4.8 million, and that amount could be used to pay off creditors.

Court documents do not specify who owes the money or how it could be collected.

"There is one receivable for $4.8 million," said R. Trey Arvizu, a Las Cruces attorney representing the former country club, which filed for Chapter 7 bankruptcy Nov. 29 with the U.S. Bankruptcy Court of New Mexico. "It is not technically available right now, but it could be soon."

In total, 86 businesses and individuals who may be owed money have been sent notice of the country club's bankruptcy. So far, two claims have been submitted to the court, Arvizu said. Creditors have until May 5 to file claims.

Philip Montoya, an Albuquerque attorney who has been appointed as a trustee to the bankruptcy court recently recommended bankruptcy proceedings should continue.

Federal bankruptcy laws are used to prioritize creditors and how they are to be paid from available assets.

When the country club filed for bankruptcy in late November, Arvizu said it was still owed about $4.8 million from Las Cruces developer Bob Pofahl, his partners and investors, on the purchase of 110-acre former country club property, at 2700 N. Main St. The property was sold to Park Ridge Properties in January 2014 for $7.1 million, with plans to develop a hospital and ancillary medical services on 30 acres, and an urban community including homes, walking paths and trails, shops and restaurants. However, construction on the former country club property has not begun.

"It will be interesting to see how all of this turns out," said Connie Potter, whose home is adjacent to former country club property, and has been critical of redevelopment plans. "There are plenty of questions, but very few answers so far."

In November 2014, the Las Cruces Country Club agreed to buy Sonoma Ranch Golf Course for $5 million and operated the golf course and its facilities until returning ownership to the original owners, Sonoma Ranch Partners, in December 2015.

Until filing for bankruptcy the Las Cruces Country Club had operated in the city for 87 years.